U.S. manufacturing employment fell in June at a pace not seen since the 2009 financial crisis, excluding the early-pandemic collapse, according to S&P Global's flash PMI data. The headline Manufacturing PMI rose to a 49-month high of 55.7, driven by the sharpest jump in new orders in over four years, but firms cut staffing for a second straight month amid cost-control efforts and demand uncertainty. Chris Williamson, chief business economist at S&P Global Market Intelligence, said factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn and escalating raw material costs. The survey indicated that stockpiling, rather than underlying demand, fueled the manufacturing gains, with input inventories built up at a rate approaching the all-time high. The flash Composite PMI Output Index edged up to 52.2, suggesting the economy is struggling to grow much faster than a 1% annualized rate in the second quarter.